The organization accused her of stealing his work, some of which it said she sold for her own benefit in a breach of fiduciary duty.

"Granting dynastic control in response to implicit threats from a controlling shareholder is a breach of the board's fiduciary duty of loyalty," CalPERS said.

Almost immediately after the election, a Trump transition team member declared the president-elect’s intention to scrap the Obama administration’s new “fiduciary duty” rule.